Eskom Group reinstates former CEO Brian Molefe

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Eskom, Africa’s state-owned power utility confirmed on Friday that Brian Molefe would return as the company’s Chief Executive Officer on 15 May 2017.

The Eskom Board revoked its decision to grant him early retirement.

Lynn Brown, South Africa Public Enterprises Minister blocked Eskom from giving Molefe a ZAR30 million rand ($2.25 million) pension pay-out and instructed the board to look at other options.

Molefe, who is largely credited with stabilising electricity supplies following months of rolling blackouts, resigned in 2016 after he was implicated in a state capture report.

“We are facing serious problems. None of our applications for coal purchases had been approved by the Treasury. We need that skill that saved us last time. When he came here, Eskom was on the brink of collapse. The previous chief executive had spoken about blackouts. There was a stage when they told the minister that Eskom might not be able to pay salaries,” says Ben Ngubane, Eskom Group Chairman.

“In terms of our fiduciary responsibility, we had no alternative other than to bring (Molefe) back to help us,” adds Ngubane.

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Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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